Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years. Be a Responsible Borrower: Plan Ahead and Graduate With Less Debt. can help you learn more about federal student loan debt.

ENMU realizes that some students will not receive enough money from grants and scholarships to cover all of the expenses associated with attending college. In an effort to relieve the financial burden for these expenses, ENMU participates in the William D Ford Federal Direct Loan (Direct Loan) Program. To understand more about federal or private student loans, contact the Office of Financial Aid.

The amount you are eligible to borrow depends on your grade level and dependency status. Repayment of loan and accrual of interest varies with the type of loan.

Direct Subsidized Loans and Unsubsidized Loans

Direct Loans are for undergraduate and graduate degree students. You must be enrolled as at least a half-time* student to be eligible for a Direct Loan. There are two types of Direct Loans: subsidized and unsubsidized. You must be an undergraduate student and have financial need to receive a subsidized Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Direct Loans during certain periods. Financial need is not a requirement to obtain an unsubsidized Direct Loan. You are responsible for paying the interest that accrues on unsubsidized Direct Loans. If you would like more information on Direct Loans, contact the Office of Financial Aid.

Direct PLUS Loans for Graduates and Parents

PLUS loans are loans a graduate student enrolled at least half-time (5 graduate hours) leading to a graduate degree or certificate or the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time (6 undergraduate hours) can obtain to help pay the cost of education. PLUS Loans are credit Based.

If you, in the case of graduate PLUS, or your parents, in the case of undergraduate Plus, don't pass the credit check, you/they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. Undergraduate Students attending ENMU whose parents are denied a Parent PLUS loan may be eligible to receive additional unsubsidized funds. For more information on these loans, contact the Office of Financial Aid.

Alternative (private) Student Loans

If you decide to take out a student loan, make sure you understand who is making the loan and the terms and conditions of the loan. Federal student loans may have competitive interest rates and more flexible repayment options than alternative (private) loans from banks or other private sources. ENMU will certify an alternative loan for the amount requested for the term or aid year up to the cost of attendance calculated for the number of hours enrolled. For more information on these loans, contact the Office of Financial Aid.